Binance announces Fantom to Sonic token swap and rebranding timeline

It was announced by Binance that Fantom will be delisted and Sonic tokens will be officially introduced in 2025 with a 1:1 token swap ratio.

Binance has officially announced its support for the rebranding of Fantom (FTM) to Sonic and token swap in early 2025.

The exchange will halt FTM deposits and withdrawals at 03:30 UTC on January 13, 2025 and delist all FTM trading pairs, including FTM/BTC, FTM/USDT, and FTM/ETH. Going forward, trading of the new Sonic (S) coin will begin on January 16, 2025, when pairings including S/BTC, S/BNB, and S/USDT will go live.

FTM tokens will be converted into Sonic at a 1:1 ratio, meaning users will receive the same number of Sonic tokens for every FTM they hold. All technical parts of the exchange will be managed by Binance, so users will not need to do anything on their own. However, FTM withdrawals will not be supported after the token swap is completed.

This token swap is in line with Binance’s history of facilitating such token migrations, such as the famous MATIC to POL token swap where Binance has made the transition easier for users.

Futures, Margin Trading, and Simple Earnings are among the services Binance will upgrade as part of the transition. In the affected products, FTM will be replaced by the new S token.

There will be approximately 2.88 billion S tokens in circulation at launch, with the total supply cap set at 15% annual inflation until 2031. As part of the incentive program designed to attract developers to the Sonic network, users will be entitled to receive up to 90% of the funds generated by their apps. Additionally, the platform will provide S190 million airdrop and Innovator Fund to incentivize users of the Sonic and Opera chains.

Users’ FTM tokens will remain functional on the Opera network for the foreseeable future if they decide not to upgrade to the S token. However, users will need to hold the S token to participate in transactions, governance and other activities on the new Sonic network.

The important points to note here are:

At 03:30 UTC on January 13, 2025, all FTM trading pairs were delisted and deposits and withdrawals were suspended. Sonic (S) token trading will begin on January 16, 2025 at 8:00 UTC with pairs such as S/USDT, S/BTC, and S/BNB.

Binance encourages FTM token holders to update or terminate open positions on FTM-related services, including loans, margin positions, and trading bots, before the deadline. More information and updates will be provided by the cryptocurrency exchange and the Sonic network once the S token is launched.